Principles and Laws
Change and Determine
Supply and Demand
Interpreting data
other stuff
100
As the price of a good or service rises, the quantity supplied also rise is this
What is the Law of Supply?
100
Market is cup-of-noodles, income across the U.S. decreases due to economic collapse.
What is demand would shift right due to cup-of-noodles being an inferior good?
100
Graph best represents the following scenario for the supply and demand of soda when soda is found to cause obesity?
What is Graph 2?
100
The above schedule for chocolate bars shows that equilibrium will occur at this price.
What is 1.20?
100
Shortage is defined by this.
What is QD>QS?
200
As the price of a good or service increases, the quantity demanded decreases is this..
What is the Law of Demand?
200
Market is chocolate - input of cocoa is unavailable due to drought...
What is the supply of chocolate will shift left due to resources of making chocolate being difficult to get?
200
At five dollars, this is happening...
What is equilibrium? What is quantity demanded is equal to quantity supplied?
200
A surplus of 200 is occurring at this price.
What is 1.60$?
200
Surplus is defined by this.
What is QS>QD?
300
If income goes down, demand will most likely decrease for this
What are normal goods?
300
Market is shoes - cost of manufacturing shoes is expected to increase due to changes in minimum wage laws beginning in 3 months...
What is supply will increase due to expectations of increasing future cost?
300
At 8$, the quantity demanded and quantity supplied are these amounts.
What is 2 slices are demanded and 8 slices are supplied?
300
A shortage of 200 is occurring at this price.
What is .80?
300
When the government puts in place a cost of a good or service below the equilibrium price, it is known as this...
What is a price ceiling?
400
If income goes down, demand will most likely increase for this...
What are inferior goods?
400
Market is for Samsung, iPhone comes out with cheaper, faster phone...
What is demand will shift left due to substitutes?
400
There is a shortage of this amount at 3$ a slice..
What is a shortage of 4?
400
Graph that best represents the following scenario for the supply and demand of cars?
Producers adopt new car manufacturing technology.
What is graph 3?
400
When the government puts in place a cost of a good or service above the equilibrium price, it is known as this...
What is a price floor?
500
Draw what will happen at equilibrium price if demand shifts right.
Check boards for correct answers.
500
Price increase on gas...
What is decrease in quantity demanded because price can not shift demand?
500
A scenario in the bicycle market that would make the above happen?
Increase in technology, expectations that costs will go up in the future, government subsidy, new company opens up, more workers are available?
500
Graph that best represents the following scenario for the supply and demand of soda:
Sweet tea is available at a discounted price.
What is graph 2?
500
Create a specific scenario that would demonstrate a left shift in supply for the Cane's market.
AI malfunction, bird flu amongst chickens, government implements new regulations, etc...